In the fall of 2002, The Athens Group completed development of a 237-room luxury Ritz-Carlton resort hotel with 23 Penthouse Residences in the master-planned community of Bachelor Gulch near Beaver Creek, Colorado. The resort is located at the base of the Bachelor Gulch high-speed ski lift providing convenient ski-in/ski-out access to the Beaver Creek and Arrowhead ski areas. Bachelor Gulch is an exclusive enclave within the Vail Resorts complex, which includes the world-class ski areas of Vail, Beaver Creek and Arrowhead. The design of the hotel was inspired by the historic lodges of U.S. National Parks and the site's rustic environment.

Among the world's finest ski destinations, the resort features a 20,000-square-foot, full-service spa, along with skier services and priority access to a new Greg Norman-designed 18-hole championship golf course and a new Tom Fazio-designed 18-hole golf course. The resort hotel also includes 13,000 square feet of meeting and function space, a signature restaurant, a lobby lounge, a delicatessen, a Ritz-Carlton signature retail shop and a Ritz Kids facility. Construction began in September 2000 and was completed in the fall of 2002. The 23 Penthouse Residences located on the north wing and the top three floors of the hotel average approximately 3,000 square feet each. All 23 of the Penthouse Residences were sold in one day in December 1999 at an aggregate sales price far in excess of ownership's expectations. The Athens Group's partners in this project include Marriott International and Vail Resorts.

In addition to The Ritz-Carlton hotel and Penthouse Residences, Athens was the developer of The Ritz-Carlton Club, Bachelor Gulch. This 54-unit interval ownership member's vacation club was developed on a site immediately adjacent to The Ritz-Carlton resort hotel and shares most of the resort's services and amenities. The Club's design is complementary to the adjacent Ritz-Carlton, Bachelor Gulch resort. Athens commenced construction of the Club project in June 2001 and completed the project in December 2002.